Microeconomic theory

3. (35 points) Equilibrium Consider the following production function: q= And assume that both the price of labor is w = $1 and the price of capital is r = $4. (a) (5 points) Find the shortrun total cost curve. (b) (5 points) Find the short-run supply curve when k = 1. (c) (5 points) If there are 10 rms in the market. And the market demand is qd = 200 53). Find the short-run equihbrium price, market demand at the equilibrium price and the production of each individual rm. (d) (10 points) Find the long-run average total cost curve. (e) (10 points) Find the long-run equilibrium price and prots